Insider Reveals Insights on Sheikh Jassim After Sir Jim Ratcliffe Initially Doubted His Existence at Manchester United
Manchester United’s sale overseer confirms Sheikh Jassim’s authenticity, countering Sir Jim Ratcliffe’s initial skepticism about the Qatari businessman according to reports from TheMirror.
Despite being in contention to purchase the club during the extended sale process initiated by the Glazer family in November 2022, Sheikh Jassim bin Hamad Al Thani, the chairman of Qatar Islamic Bank, remained relatively mysterious.
INEOS chairman Ratcliffe, upon finalizing his £1.3 billion deal for a 27.7 per cent stake in the club last month, humorously remarked, “Still nobody’s ever seen him, actually. The Glazers never met him…. he never… I’m not sure he exists!”
Joe Ravitch opens up on failed deal
The revelation from the man overseeing the sale process sheds light on Sheikh Jassim’s genuine presence in the Manchester United acquisition saga.
Joe Ravitch, co-founder and partner of Raine Group, the merchant bank responsible for negotiating with potential buyers for the Glazers, has not only met Sheikh Jassim but also praised his personality.
In an interview with The Times, Ravitch shared insights, saying, “We met Jassim. He was in New York. He’s a lovely guy; a very smart guy.”
Despite the positive impression of the Qatari bidder, Ravitch noted that the Qataris, including Sheikh Jassim, didn’t fully grasp the club’s value, estimated at around “$6.5 billion [£5 billion].”
While Raine Group, acting as the seller’s representative, tried to convey the club’s value to the Qataris, their bid for the complete 100 per cent ownership fell short, reaching approximately “$5.75 billion.”
Despite being within a 10 per cent range of Manchester United’s estimated value, the Qataris, including Sheikh Jassim, declined the suggestion to negotiate further and reach a deal.
According to Joe Ravitch, co-founder and partner of Raine Group, the Qataris seemed cautious about potential criticism if perceived to be overpaying for the club.
